CoinSquare Review
3.5 stars - "CoinSquare Review" CoinSquare Review
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CoinSquare Review

Written on: May 25th, 2017 | Author: David Marc

wire  interac  cash

wire  interac

CAD

BitCoin  dash  dogen  ethereum  LiteCoin

Important info
  • Trading Fees :  0.2-0.4%
  • Order types:  Market, Limit
  • Office location :  1903-438 King St, Toronto On, M5V 3T9
  • Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • US Customers Accepted? :  Yes
  • Institutional Accounts? :  No
Pros and cons
  • Good Ethereum and Bitcoin Liquidity
  • Lots of Cross Pairs Available to Trade
  • Top Three Liquidity in Canada
  • Difficult Site to Navigate
  • Spreads can get Very Wide at Times

Summary

Coinsquare has succeeded in the Canadian market because it was the first exchange to support ETH trading. They were ahead of the market, and this allowed them to build liquidity from scratch. Building liquidity is the most difficult aspect of launching an exchange - and their ability to both acquire and retain this liquidity, has established them as one of the main players in the Canadian market, neck and neck with Ethereum for second place behind Quadriga.

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Coinsquare is bootstrapped, meaning it has been entirely funded by jack-of-all-trades Virgile Rostand, a fixture in the local bitcoin scene and well versed in the security and finance aspects of running an exchange. Not only is he the owner, he is the marketing director, support agent, trading director, and security analyst. In our view, it is time for Mr. Rostand to bring this baby to the market. With a bit of money to improve the product and perhaps hire some help, Coinsquare could take their talent to the next level.

Get an Account Set up with CoinSquare and Start Trading Crypto!

 

Security

Users are encouraged to set up second-factor authorization and email authorizations are required for withdrawal, all pretty standard. This provides reasonable defense against client-side hacks. On the coinsquare side, Coinsquare has claimed that 95% of coin is held in cold storage - for what that is worth.

All in all, adequate security, but as a general rule never leave more than you are currently trading in an exchange - transfer your funds to an external wallet.

Getting verified

To deposit CAD with anything but flexepin code, you'll need to validate your telephone number and input additional biographical data. Upload an ID, a selfie holding a paper with the first 5 digits of your trading account written on it, and proof of address - a utility bill or bank statement for example.

The Exchange and the Product Generally

Coinsquare is a one-man shop, and it shows! Though the site was established in 2015, it looks as if it was designed a decade earlier. The user experience revolution seems to have somewhat passed coinsquare, and the site is charitably described as clunky, not really user-friendly, and a bit strange looking.

But who cares really! If you are looking to do some quick bitcoin or ethereum buying and selling, Coinsquare has the second-highest liquidity behind Quadriga, and presents some interesting arbitrage opportunities on the sell side.

The markets tab lists all the currencies, crypto, fiat and precious metal, available for trading. If you would like to deposit bitcoin, click on the "funding" tab at the bottom of the screen with the bitcoin ticker highlighted - your deposit wallet address will display, as below.

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If you prefer depositing Canadian dollars, deposit options will display - you will need to get verified to use all but the flexepin code deposit options.

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Once you've deposited, each ticker offers two trading options - orders or coin2coin. If you were to navigate to CAD orders, for instance, you would be shown the price of one Canadian Dollar in uBTC, or millionths of a bitcoin. BTC/CAD is the only pair offering limit orders, and of course market orders are available.

The coin2coin option is limited to market orders for the most part, aside from the ethereum / bitcoin pair which offers limit. Again, all orders are denominated in uBTC, which was done to simplify buying against fractional altcoins like dogecoin. However, as altcoins have appreciated faster than bitcoin, this method is a bit outdated.

CoinSquare Fees

Method Deposit Limit (min/max) Withdrawal Limit (min/max) Deposit / Withdrawal Fees
Interac e-Transfer $100/$5,000 $100/$2,000 3.5%/2%
Wire Transfer $10,000/$300,000 $10,000/$300,000 0.25%/0.25%
Bank Draft $1,000/$9,000 NA 0.25%/NA
Money Order $30/$3,000 NA 0.25%/NA
Flexepin $10/$500 NA 2.5%/NA
Electronic Fund Transfer N/A $100/$9,000 0.5%

Please note that Coinsquare may withhold funds - or not release for withdrawal - for up to seven days depending on payment option.  Verified and repeat customers will usually have this waived. 

Mobile

Ye of fat fingers, do not attempt to utilize Coinsquare on your mobile device. Matter of fact, nobody should really be working with this on mobile unless you have a crypto emergency or something.

Support

Mr. Rostand does his noble best to respond quickly to his customers through a ticketing system. There are grumblings around the internet about response times and issues that are sometimes only cleared by public airing - this is more to do with lack of resource then any negligence or uncaring.

Bottom Line

Coinsquare is a flawed but important exchange in Canada. Mr. Rostand seems an honest and engaged owner who is truly passionate about providing Canadian residents a good exchange for bitcoin and other crypto. Liquidity volume on bitcoin is top 3, and the ample eth/btc trading volume, combined with local deposit options, makes the product important there as well.

Crypto in Canada is a sometime inefficient market. Bid and asks may vary widely between exchanges. Coinsquare often offers arbitrage opportunities as well, a good enough reason alone to open an account, if you partake in such chicanery.

Register an Account at CoinSquare

 

Bitcoin Price (USD): 853.48